Banks will soon scrap N100 ATM charge – ACAMB

on   /   in News 12:55 am   /   Comments

LAGOS — The Association of Corporate Affairs Managers of Banks, ACAMB, has said that banks were not relenting in the bid to stop charging customers N100 for using other banks’ ATMs.

Its President, Mr.  Tunde Shofowora, said in a statement in Lagos yesterday  that modalities were being perfected to stop the N100 charge.

“Banks are in the process of working out the modalities with ATM third party service providers to aid the scrapping of the N100 charge,“ he said.

The decision to stop the charge was taken at the Bankers’ Committee meeting on Nov. 13.

Shofowora urged banks to speed up the process, promising customers that the rough edges would be perfected  in few days.

He also urged merchants, traders, supermarket owners and proprietors of filling stations to ensure that their transactions were e-payment compliant with their Point of Sale (PoS) terminals.

According to him, every bank in the country is promoting electronic payments and increasing availability, reliability and security of electronic channels for business transactions.

Shofowora said that e-banking would discourage heavy cash usage and help to reduce money laundering and crimes fuelled by too much cash flow.

He advised that Nigerians should begin to imbibe the culture of electronic transactions.

“E-banking will make it as easy as possible for customers to transact their businesses from any location and provide transaction convenience to customers because it is strategic to moving the economy forward.

“The ability to cash money from the closest bank’s ATMs will make a big difference to any bank’s customer.

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